Consumer Choice through Brokerage with Agent Service
Services
Medicare Insurance Sales is a wholly owned subsidiary Synergy Financial, LLC, and has partnered with many Insurance Agencies across the Country. In addition to our goal of licensing and training Insurance Agents, we offer the ability to aggregate our Insurance Application and Agent count in order to achieve the highest level of payout possible, typically just one level below that of a FMO (Field Marketing Organization). Our Parent company utilizes the word "synergy" to infer that Agents and Agencies, when banded together, achieve the highest commission payouts possible, cross-refer lines of other business (reverse mortgages, mutual funds, Medicaid Trusts, Investment Advisory, Property and Casualty, Employee Benefits, etc) for the highest possible commission splits.
Our team looked at the recent surveys of what Agents and Agencies desire. We even took our own informal survey, and we found that the top desire was for aggregated sales volume in order to achieve the highest payout possible. We also found that Agents and Agencies are content with the level of support through Internet Forums and the marketing departments of those companies they represent. Our survey also found that Agents don't like to leave "anything on the table", meaning that a commission split is obviously preferable to not just leaving that extra business for another Agent . . . but in risking that this unknown new Agent or Advisor might disrupt the plan or policy that our Agent took so long to place.
As a result, Synergy Financial has a full Investment Broker/Dealer, Mortgage Brokerage, Estate Planning Attorneys, CPA's, CFP's and P & C Agents, etc. to achieve this goal of functioning as the Customer's total Financial Planner. In fact, we offer an inexpensive and quick Career Track to become a Certified Financial Planner. With our current environment of nationwide high unemployment, many job seekers see the value in obtaining their Series 6 Securities License through FINRA (Financial Industry Regulatory Association) so that they can market mutual funds and variable annuities. With the Consumer's ability to buy individual stocks on line at a typical price of $7 - $8 per trade, and while the "wirehouses" or Investment Companies are still hiring Series 7 Investment Brokers, today's new emphasis is on the Series 65, which corresponds to an Registered Investment Advisor, as described below.
More simply, due to the higher risk of lawsuits from disgruntled Investors, we don't offer the Series 7, as you would need an established large Investment Company or Broker/Dealer to sponsor you since you can not contact FINRA directly to take the Series 7. More and more potential Investment Advisors are preferring to sit for the prestigious Series 65 (Series 66 when combines with the state law, Series 63), which is a full Registered Investment Advisor. Most RIA's either have the discretionary ability to pick and choose individual Securities (stock, bonds, etc) for a typical 1% - 2% annual investment management fee. Many RIA's custom design a portfolio for the Investors' needs and desires by blending together the more recently popular ETF's (Electronic Traded Funds).
With all these possibilities, where does someone start? Perhaps the best answer, besides asking what (insurance, investing, mortgage, etc) has the most natural appeal, is to ask those exiting the business "why"?
Throughout the years, the most basic answer is that while the financial advising business is fullfilling and even gratifying, the biggest obstacle, just like for any business is the cost of advertising and finding prospective customers. In short, the "lead cost" is high. We have tried all the typical types of lead generation, beginning with purchasing leads at $15 - $25 from Internet Shoppers who registered at Web Sites. We have also tried the traditional Direct Mail approach, and we've found out why today's Consumers refer to these mailers as "junk mail". Ironically, we still get the usual 1% - 3% response rate, but we are finding that more and more returns don't include a phone number, as they only want the "free report". After filtering out all those mail responses which have a legitimate interest in obtaining a price quote or information, our typical price per lead is in the range of $20 - $50.
Newspaper ads, while a bigger gamble, tend to have a similar price-per-lead as shown above. Ever since the vast majority of qualified Prospects have signed up for the national "Do Not Call" list, telemarketing is much less effective, with its higher lead cost. However, the niche Business-to-Business (Group Insurance, Employee Benefits, etc) are exempt from the DNC regulations, and we find Business Owners open and receptive to legitimate alternatives to lower their operating costs. A certain portion of the Baby Boomer Market (those born from 1946 through 1964) will always respond to a mailer or seminar invitation regarding optimal retirement planning (moving a 401K, Roth vs. "regular" IRA, etc) and will be open to a life/heath competing price quote or a brokerage pricing for their home/auto insurance. Many of our Agents and Agencies have discovered that the beginning of the Baby Boomers now going into retirement is their best and lowest cost lead source.
These new Medicare Beneficiaries are eager to learn about their rights and options. If they don't allow a certified Insurance Agent into their home, they often will attend an education seminar, or a sales seminar, which when registered with the Centers for Medicare Services (CMS), allows an open discussion of the Medicare Advantage Copayments. Applications are allowed by CMS at the conclusion of the sales seminar, and we experience a high sign-up rate. Medicare encourages all Seniors to conduct their "Medicare Annual Review". Seniors often ask us to compare the $20 Doctor copays from a Medigap Plan N to a particular Medicare Advantage, also known as Part C. By forecasting their most probable medical utilization, we can assist a Senior to compare and contrast how the total premiums of the popular Medigap Plan F + a Part D Drug Plan would equate to an alternative Medigap Plan N's copay's vs. the maximum yearly out of pocket from a Medicare Advantage.
Regarding Medicare Advantage, CMS requires a point-by-point presentation by Agents who have passed online certification exams, and for some Plan Sponsors, a day of local class training. We have a dedicated web site, www.MyMedicareAdvice.com which follows the presentation. Although many Seniors just ask "which option do you suggest?", this hyperlink will show the complete comparison. Many Seniors find this decision and all their options to be somewhat confusing and formidable. As a result, we often suggest that their Son, Daughter or other trusted Advisor sit in with us to understand and appreciate all the nuances. The presentation is designed to be concise, while covering all the options and disclosure:
* Medicare Supplement Insurance (recent revision of Plan offerings and the addition of the new Plan N, and "Select" Plans)
* Part "C" Plans, also known as "Medicare Advantage" Plans (HMO's at a zero premium with a POS out-of-network option)
* Medicare Prescription Drug Plans (Medicare Part D, some with Generic Drug coverage throughout the coverage gap )
* Medicaid with Medicare Part C and Part D Programs (also at a zero premium, but with enhanced dental and more doctors)
* Medicare Extra Help Programs (paying the Part B premium of $99.90 for lower income Seniors, and prescription program)
* State Pharmaceutical Programs, (example: Illinois Cares Rx, which has either a $25/month rebate or $6.30 copays)
* Advice on Yearly Changing (Medicare Advantage allows a first year trail, then Annual Election Period from Oct 15-Dec 7)
In closing, regarding our "Services", we are a full service financial firm, but we have found that Medicare Advantage offers an optimal opportunity on an on-going monthly basis to talk to those Seniors who are turning age 65, along with a yearly "blitz"to show the new copays each year during the Annual Election Period. Once these Medicare Beneficiaries are comfortable that we have taken their best interests in mind and acted in a fiduciary manner, they often ask us about their other financial needs, leading us to a conversation about Annuities, Mutual Funds, Senior Life Insurance, etc.
Our team looked at the recent surveys of what Agents and Agencies desire. We even took our own informal survey, and we found that the top desire was for aggregated sales volume in order to achieve the highest payout possible. We also found that Agents and Agencies are content with the level of support through Internet Forums and the marketing departments of those companies they represent. Our survey also found that Agents don't like to leave "anything on the table", meaning that a commission split is obviously preferable to not just leaving that extra business for another Agent . . . but in risking that this unknown new Agent or Advisor might disrupt the plan or policy that our Agent took so long to place.
As a result, Synergy Financial has a full Investment Broker/Dealer, Mortgage Brokerage, Estate Planning Attorneys, CPA's, CFP's and P & C Agents, etc. to achieve this goal of functioning as the Customer's total Financial Planner. In fact, we offer an inexpensive and quick Career Track to become a Certified Financial Planner. With our current environment of nationwide high unemployment, many job seekers see the value in obtaining their Series 6 Securities License through FINRA (Financial Industry Regulatory Association) so that they can market mutual funds and variable annuities. With the Consumer's ability to buy individual stocks on line at a typical price of $7 - $8 per trade, and while the "wirehouses" or Investment Companies are still hiring Series 7 Investment Brokers, today's new emphasis is on the Series 65, which corresponds to an Registered Investment Advisor, as described below.
More simply, due to the higher risk of lawsuits from disgruntled Investors, we don't offer the Series 7, as you would need an established large Investment Company or Broker/Dealer to sponsor you since you can not contact FINRA directly to take the Series 7. More and more potential Investment Advisors are preferring to sit for the prestigious Series 65 (Series 66 when combines with the state law, Series 63), which is a full Registered Investment Advisor. Most RIA's either have the discretionary ability to pick and choose individual Securities (stock, bonds, etc) for a typical 1% - 2% annual investment management fee. Many RIA's custom design a portfolio for the Investors' needs and desires by blending together the more recently popular ETF's (Electronic Traded Funds).
With all these possibilities, where does someone start? Perhaps the best answer, besides asking what (insurance, investing, mortgage, etc) has the most natural appeal, is to ask those exiting the business "why"?
Throughout the years, the most basic answer is that while the financial advising business is fullfilling and even gratifying, the biggest obstacle, just like for any business is the cost of advertising and finding prospective customers. In short, the "lead cost" is high. We have tried all the typical types of lead generation, beginning with purchasing leads at $15 - $25 from Internet Shoppers who registered at Web Sites. We have also tried the traditional Direct Mail approach, and we've found out why today's Consumers refer to these mailers as "junk mail". Ironically, we still get the usual 1% - 3% response rate, but we are finding that more and more returns don't include a phone number, as they only want the "free report". After filtering out all those mail responses which have a legitimate interest in obtaining a price quote or information, our typical price per lead is in the range of $20 - $50.
Newspaper ads, while a bigger gamble, tend to have a similar price-per-lead as shown above. Ever since the vast majority of qualified Prospects have signed up for the national "Do Not Call" list, telemarketing is much less effective, with its higher lead cost. However, the niche Business-to-Business (Group Insurance, Employee Benefits, etc) are exempt from the DNC regulations, and we find Business Owners open and receptive to legitimate alternatives to lower their operating costs. A certain portion of the Baby Boomer Market (those born from 1946 through 1964) will always respond to a mailer or seminar invitation regarding optimal retirement planning (moving a 401K, Roth vs. "regular" IRA, etc) and will be open to a life/heath competing price quote or a brokerage pricing for their home/auto insurance. Many of our Agents and Agencies have discovered that the beginning of the Baby Boomers now going into retirement is their best and lowest cost lead source.
These new Medicare Beneficiaries are eager to learn about their rights and options. If they don't allow a certified Insurance Agent into their home, they often will attend an education seminar, or a sales seminar, which when registered with the Centers for Medicare Services (CMS), allows an open discussion of the Medicare Advantage Copayments. Applications are allowed by CMS at the conclusion of the sales seminar, and we experience a high sign-up rate. Medicare encourages all Seniors to conduct their "Medicare Annual Review". Seniors often ask us to compare the $20 Doctor copays from a Medigap Plan N to a particular Medicare Advantage, also known as Part C. By forecasting their most probable medical utilization, we can assist a Senior to compare and contrast how the total premiums of the popular Medigap Plan F + a Part D Drug Plan would equate to an alternative Medigap Plan N's copay's vs. the maximum yearly out of pocket from a Medicare Advantage.
Regarding Medicare Advantage, CMS requires a point-by-point presentation by Agents who have passed online certification exams, and for some Plan Sponsors, a day of local class training. We have a dedicated web site, www.MyMedicareAdvice.com which follows the presentation. Although many Seniors just ask "which option do you suggest?", this hyperlink will show the complete comparison. Many Seniors find this decision and all their options to be somewhat confusing and formidable. As a result, we often suggest that their Son, Daughter or other trusted Advisor sit in with us to understand and appreciate all the nuances. The presentation is designed to be concise, while covering all the options and disclosure:
* Medicare Supplement Insurance (recent revision of Plan offerings and the addition of the new Plan N, and "Select" Plans)
* Part "C" Plans, also known as "Medicare Advantage" Plans (HMO's at a zero premium with a POS out-of-network option)
* Medicare Prescription Drug Plans (Medicare Part D, some with Generic Drug coverage throughout the coverage gap )
* Medicaid with Medicare Part C and Part D Programs (also at a zero premium, but with enhanced dental and more doctors)
* Medicare Extra Help Programs (paying the Part B premium of $99.90 for lower income Seniors, and prescription program)
* State Pharmaceutical Programs, (example: Illinois Cares Rx, which has either a $25/month rebate or $6.30 copays)
* Advice on Yearly Changing (Medicare Advantage allows a first year trail, then Annual Election Period from Oct 15-Dec 7)
In closing, regarding our "Services", we are a full service financial firm, but we have found that Medicare Advantage offers an optimal opportunity on an on-going monthly basis to talk to those Seniors who are turning age 65, along with a yearly "blitz"to show the new copays each year during the Annual Election Period. Once these Medicare Beneficiaries are comfortable that we have taken their best interests in mind and acted in a fiduciary manner, they often ask us about their other financial needs, leading us to a conversation about Annuities, Mutual Funds, Senior Life Insurance, etc.
"This is not a complete listing of plans available in your service area.
For a complete listing please contact 1-800-MEDICARE or consult www.medicare.gov."